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Auckland ratepayers will receive new property valuations this week, as Auckland Council prepares to update rates from July 1.
The rating valuations Auckland property owners receive this week are based on property market trends and recent sales activity as of May 1, 2024. Therefore, the valuations are not intended to accurately reflect current market value – instead, the information will help enable rates to be fairly shared across Auckland’s 630,000 properties.
New property valuations will be available on the council’s website from today, June 10, with formal notices posted or emailed from this Friday.
The new rating valuations have been prepared by two independent valuation providers, QV and Opteon. These experienced property valuers have worked closely with Auckland Council to deliver valuations that meet robust standards.
Auckland Council chief financial officer Ross Tucker said he was pleased to announce that the Valuer-General has now approved the new valuations for release to Aucklanders.
“As we know, the last council valuations from 1 June 2021 were completed close to the market peak and between then and May 2024 the economy and property market generally trended down. Therefore, as most people would expect, the May 2024 Capital Values (CVs) are lower than the previous 2021 CVs for many properties,” said Tucker.
The average property valuation in Papakura has dropped by 6 percent, while Franklin dropped 1 percent on average.
Auckland Council Chief Economist Gary Blick said it was important to note that the last two Auckland rating valuations happened to coincide with markedly different stages of the recent economic cycle.
“At the time of the 2021 rating valuation, in June 2021, the Official Cash Rate (OCR) had been at an all-time low,” said Blick.
“We saw exceptionally low mortgage rates and strong upward pressure on property prices. The 2021 rating valuation reflected those higher prices.
“In contrast, the 2024 rating valuation in May 2024, occurred when the OCR had been lifted to its recent high of 5.5 percent. Higher interest rates cooled buyer demand, leading to a decline in property prices.
“Despite that fall, the median house price as at June 2024 was still above the level just prior to the OCR cut of March 2020, and that remains the case today. The recent economic cycle, with its unusually steep climb and fall, helps explain why some properties have had swings between the two rating valuations.”
The valuations do not change how much the council takes in rates – this is set annually following community consultation. For 2025/2026, Auckland Council has approved an overall average rates increase of 5.8 percent for residential ratepayers.
“Most Auckland ratepayers will see some degree of rates increase from 1 July 2025. However, how a residential property’s CV changes compares to other properties in the region will generally determine whether that property’s rates increase from 1 July is more or less than the 5.8 per cent average.
“If your residential property value has reduced more than the average (-9 per cent) change between the two valuations, you can expect a smaller rates increase than the 5.8 per cent. Conversely, if your property value held up better than the average, then you can expect a larger rates increase.”
For 2025/2026, the annual rates for an average residential property (CV $1.29 million) will be $4069. The 5.8 percent average increase for 2025/2026 will equate to $223 per year or around $4.30 per week.
Anyone concerned about paying their rates is encouraged to get in touch to access a range of assistance available. This information can be found on the Auckland Council website and rates notices.
